The cryptocurrency sector may face a significant regulatory transformation as SEC Commissioner Hester Peirce, widely known as “Crypto Mom,” unveils a blueprint for reform aimed at fostering transparency and innovation. Her proposals arrive as the U.S. prepares for a shift in leadership, with the incoming Trump administration expected to take a more crypto-friendly stance. Peirce’s...
The United States Securities and Exchange Commission (SEC) achieved a new record for penalties and fines in the fiscal year 2024, largely due to a substantial settlement with cryptocurrency firm Terraform Labs. According to the SEC’s annual report released on Nov. 22, the agency netted $8.2 billion in financial remedies, marking the highest total in...
U.S. Congressmen Tom Emmer and Patrick McHenry have voiced strong opposition to the Securities and Exchange Commission’s (SEC) approach to regulating blockchain technology, particularly its stance on digital asset airdrops. In a letter addressed to SEC Chair Gary Gensler, the lawmakers questioned the rationale behind the SEC’s classification of airdrops as securities, arguing that the...
SEC Chairman Gary Gensler has provided insight into the timeline for the approval of Ethereum exchange-traded funds (ETFs), indicating that these financial products could receive final approvals “sometime over the course of this summer.” Gensler made this statement during a June 13 hearing of the US Senate Committee on Appropriations in response to a question...
Today, the Blockchain Association and the Crypto Freedom Alliance of Texas launched a legal challenge against the SEC, contesting the agency’s expanded definition of “dealer” within the cryptocurrency sector. Filed in the Northern District of Texas, the lawsuit argues that this redefinition could significantly impair the U.S. crypto industry, asserting that the SEC overstepped its...
The ongoing legal battle involving Ripple Labs and the U.S. Securities and Exchange Commission (SEC) over whether XRP should be classified as a security continues to captivate public interest, with the possibility of escalating to the U.S. Supreme Court. Ladan Stewart, former head of the SEC’s crypto litigation unit, discussed this potential at a panel...
U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said there is no need for additional legislation for cryptocurrencies, reports The Block. Existing securities laws cover most of the activity that happens in the cryptocurrency markets, Gensler told reporters after a March 29 hearing at the U.S. House Committee on Appropriations. During the hearing, he...
The US Securities and Exchange Commission (SEC) filed a lawsuit against the head of the Huobi crypto exchange and the founder of the TRON blockchain, Justin Sun, and sent a notice to Coinbase officially announcing the regulator’s plans to file a lawsuit against this exchange. The SEC has charged Justin Sun and his three companies...
Silvergate Bank announced the termination of the network for cryptocurrency transfers Silvergate Exchange Network (SEN), writes Reuters. The decision comes days after the crypto-focused bank said it was uncertain about the viability of its business. “Effective immediately Silvergate Bank has made a risk-based decision to discontinue the Silvergate Exchange Network (SEN). All other deposit-related services...
A US regulator has sued blockchain platform Terraform Labs and its founder Do Kwon, alleging they raised billions of dollars from investors by selling securities to them under the guise of cryptocurrencies. The US Securities and Exchange Commission (SEC) has accused Terraform Labs and its founder Do Kwon of running a multi-billion dollar fraud scheme....
